If Obama wins, should you take your profits and run?

[eljeffe]

Was reading an interesting Brett Arrends story on WSJ.com. He has an interesting point if Obama wins and Congress stays under democratic control. Obama is on record wanting to increase capital gains taxes (possibly to 28% -- they are currently capped at 15%).

http://online.wsj.com/article/SB121275930178051837.html?mod=hps_us_inside_today

I like the part where the financial analyst suggests, "Pay the 15% tax, and put a happy face on the check to the IRS because you're only paying 15%. Next year, who knows what you'll be paying?"

[RonKMiller]

Use your IRA and/or 401K and max out all of your investments in them. You can buy and sell stocks, bonds, whatever - even an RV (as long as it has a kitchen and bathroom) through a Self Directed account. I do it every day with my accounts and Amy's, which she has given me power of attorney. I can't BELIEVE she did that!

No matter what happens short term (and I mean the next 8 years) the holy grail of protecting these accounts from taxes will stay intact - until of course you retire and HOPEFULLY have a much lower tax bracket when you redeem them.

If you are lucky enough to make a killing outside of these accounts (the Dow dropped 400 points today and prospects look pretty grim for the next year) I just look at it as a cost of being fortunate enough to be fat and happy in Amerika.

No question tax the rich is part of Obama's agenda, and you've got to admit it's been pretty much a free ride for the past 8 years...

On June 10th Obama and McCain are going to debate the economy on MSNBC. Should be interesting to say the least!

[gglove]

Define rich?
Profits what profits? :mad:

:D

[RonKMiller]

Define rich?
Profits what profits? :mad:

:D

Anyone that can afford to dress up their dogs in reindeer outfits for a Christmas card photo? :p ;)

Pretty darned cute, actually.... :D

(I've got a little Elve's hat for my pooch...)

[gunny]

Anyone that can afford to dress up their dogs in reindeer outfits for a Christmas card photo? :p ;)

Pretty darned cute, actually.... :D

(I've got a little Elve's hat for my pooch...)


My dog would probably bite me if I tried that with him. He'd bite me for sure if I took pictures and then found I'd posted on the 'net.

[D.Kinsey]

Define rich?
Profits what profits? :mad:

:D
Over 75k :mad:

[Dan-A]

Over 75k :mad:

Rich means you don't have to work.

The guys and gals passing these tax laws already have their money so the tax on INCOME does not affect them. They just like a small select membership in their little club, so the price of admission keeps rising. :rant:

[eljeffe]

Rich means you don't have to work.

The guys and gals passing these tax laws already have their money so the tax on INCOME does not affect them. They just like a small select membership in their little club, so the price of admission keeps rising. :rant:

I wish I could find the web page, but there used to be a place where you could see how each member of Congress "defined" what constituted being part of the class known as "rich".

The notes that I had from a previous email had examples for a family of 4. This definition of "rich" in these cases is represented by the voting records of the following members of Congress in terms of legislating fees, taxes or other forms of taxation for the US Government.

Barbara Boxer - $56,400
Nancy Pelosi - $58,500
Hillary Clinton - $62,800
Diane Feinstein - $65,100
John Kerry - $74,800
John Edwards - $85,000
Al Gore - $92,000

I've been searching Google for the past half hour trying to find the full list. If I find it, I will post it.

[nocanpickem]

Don't worry so much about the tax worry about the lack of profit.

The Dow Jones average on inauguration day 1/21/2000 = 11,800
The Dow Jones average at yesterdays close: 12,209
Gain in 7 1/2 yrs. 400 pts.

The IXIC is even worse:

1/21/2000 Approx. 5200
Yesterdays close 2474
Loss of 2800 pts.

A 8% return could be expected to double in 7 years.

Dow would be 23,000 and IXIC would 10000.

If we had a vital economy I would gladly pay the tax on those profits.

Karl

[RonKMiller]

My dog would probably bite me if I tried that with him. He'd bite me for sure if I took pictures and then found I'd posted on the 'net.

HAHAH! Mine's a real MAN's dog Gunny! :p A 14 lb. toy poodle. He loves to get dressed up in little pink tu tus, a fez and dance around doing pirouettes, back flips and s***. :rotf: He was BORN a cross dresser. :D

But most important: he loves to ride on the LT!

Come to think of it, so do I! (but NEVER in my ballerina skirt... the neighbors would start talking.) :eek:

[kevincook]

Defining rich is easy.

If your not on any government entitlement programs.....your RICH. :(

Congratulations everyone! :D

Kevin

[Oisin]

Define rich?
Profits what profits? :mad:

:D

The USA is an egalitarian society. The rich and the poor do not exist :histerica . Our government told us so. Civic education is unnecessary in our system because the government provides all the(civic) information we need through our multiple sources of media.

[jayjacobson]

....If we had a vital economy I would gladly pay the tax on those profits....
And that's why the economy will never be as robust as it could be. Someone is always willing to give just a little more to the worthless hacks who can not manage money to begin with. Case in point: Kommyfornia. The state hacks think they have an INCOME problem. WRONG! They have a SPENDING problem. Do they spend responsibly and put tax dollars away in a rainy day fund for an economic downturn (which happens on a regular basis)? Hell no! Let's spend it all, and then some more, on our worthless pork-barrel projects, and then tell the people they need to pay more!

THEN, during a coming economic downturn, the governator proposes a $15 BILLION (yes, that was with a "B") illegal alien universal health care plan! :confused: WTF?!

[eljeffe]

An interesting contrast of how Obama or McCain might effect your mutual funds.

Clickety Click (http://www.marketwatch.com/news/story/how-obama-mccain-affect-your/story.aspx?guid={93C57CD0-8A08-4632-AAD1-EFEAFEF80563}&siteid=yahoomy)

[Oisin]

And that's why the economy will never be as robust as it could be. Someone is always willing to give just a little more to the worthless hacks who can not manage money to begin with. Case in point: Kommyfornia. The state hacks think they have an INCOME problem. WRONG! They have a SPENDING problem. Do they spend responsibly and put tax dollars away in a rainy day fund for an economic downturn (which happens on a regular basis)? Hell no! Let's spend it all, and then some more, on our worthless pork-barrel projects, and then tell the people they need to pay more!

THEN, during a coming economic downturn, the governator proposes a $15 BILLION (yes, that was with a "B") illegal alien universal health care plan! :confused: WTF?!

Your post sounds like it came straight from Fox news.

[Dan-A]

Your post sounds like it came straight from Fox news.

If it came from Fox News, that means only Fox was willing to report it.

[jayjacobson]

Your post sounds like it came straight from Fox news.
Fox news? Is that another breathless ADD news outlet?
If it came from Fox News, that means only Fox was willing to report it.
Does that mean that they're not part of the breathless ADD mainstream media?

[RonKMiller]

An interesting contrast of how Obama or McCain might effect your mutual funds.

Clickety Click (http://www.marketwatch.com/news/story/how-obama-mccain-affect-your/story.aspx?guid=%7B93C57CD0-8A08-4632-AAD1-EFEAFEF80563%7D&siteid=yahoomy)

Interesting speculation, but in my world mutual funds are a huge rip off - even if they are no load/low expense. They just are not going to provide enough gain for me personally. I'm willing to take a bit more risk than the average investor, so I think that stocks (and especially those that pay juicy dividends like clock work) are the way to go.

Spooky times for sure when even the expurts are scratching their collective heads trying to figure out where things are heading. :think:

I've got my finger on the trigger for a half dozen stocks this week especially since we've had this oil induced "correction". :crazy:

Time to go do some home work. :deal:

[Dan-A]

Does that mean that they're not part of the breathless ADD mainstream media?

They occupy one side of it, and all the other networks occupy the other.

[Oisin]

If it came from Fox News, that means only Fox was willing to report it.

Dan,

You are absolutely right.
The only other media mouthpiece willing to report stuff like this is CNN :dance: .

[norriscooper]

Was reading an interesting Brett Arrends story on WSJ.com. He has an interesting point if Obama wins and Congress stays under democratic control. Obama is on record wanting to increase capital gains taxes (possibly to 28% -- they are currently capped at 15%).


That's exactly why I am trying to get my ducks in a different row!

Perhaps it's time to move to Dubai!

[eljeffe]

I'm watching Ice Road Truckers season 2. I'm thinking there are some O&G engineers making a shitload up there.